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Corporate Law : The resolution plan was approved despite a higher competing offer, as creditors prioritized upfront payment and execution certaint...
Corporate Law : The Court examined misuse of anti-conversion laws through third-party complaints lacking factual basis. It held that such false FI...
Corporate Law : Explains the requirement of CTE before setup and CTO before operations. Highlights how both approvals ensure compliance and preven...
Corporate Law : Highlights that failure to act on workplace harassment complaints may be treated as abetment, attracting criminal consequences. Th...
Corporate Law : Emphasizes that organizations must shift from policy-based compliance to building a culture of safety rooted in accountability and...
Corporate Law : The amendments replace the consultation committee with CoC oversight, giving creditors greater control over liquidation decisions....
Corporate Law : The proposal focuses on enabling creditors to initiate resolution while retaining debtor management under supervision. It sets out...
Corporate Law : The amendments arise from the inclusion of a unified “service provider” definition under the Code. The move expands regulatory...
Corporate Law : The issue addressed is ambiguity in authentication and evidentiary value of financial information in insolvency cases. The propose...
Corporate Law : The proposal aligns grievance regulations with the newly introduced definition under the amended Code. It aims to ensure uniform a...
Corporate Law : Bank of India Vs Neurostar Hospital Private Limited (NCLT Mumbai) The application was filed under Section 7 of the Insolvency and ...
Corporate Law : The Tribunal held that appeals filed beyond the statutory 45-day limit cannot be entertained. It ruled that delay exceeding the co...
Corporate Law : The Tribunal held that insolvency proceedings cannot be avoided when total debt is higher than the arbitral claim. It ruled that u...
Corporate Law : The issue involved rejection of a delayed claim in bankruptcy proceedings. The Tribunal held that concealment of material facts by...
Corporate Law : The court interpreted the scope of Section 91 CrPC in summoning documents. It ruled that parties cannot demand documents as a matt...
Corporate Law : IRDAI delegates Section 34 powers between Whole Time Members and Chairperson. The move aims to streamline enforcement actions and ...
Corporate Law : The Bill mandates seat allocation using updated census figures, replacing decades-old data. It ensures fair representation aligned...
Corporate Law : The notification addressed mandatory reinsurance cession for general insurance policies. It mandates 4% cession to GIC Re, ensurin...
Corporate Law : The government approved a major fund to enhance startup funding through AIFs. The scheme aims to strengthen innovation, especially...
Corporate Law : EPFO permits de-linking of wrongly linked Member IDs even when contributions exist, subject to limits. The circular outlines a str...
It has been noted that developers/co-developers have been seeking permission of the BoA for carrying out such authorized operations, which are already covered in the default list of authorized operations, the powers for which have already been delegated to the DC’s/UAC’s. This results in the waste of precious time of the BoA.
The government has no plan to further liberalize foreign investment in retail sector, the commerce and industry minister said.India, currently, does not permit foreign direct investment (FDI) in multiple-brand retailers, restricting global firms like Wal-Mart Stores and Carrefour from selling directly to customers in the country. Foreign holdings in single-branded retailers are capped at 51%.
Indian Broadcasting Foundation (IBF) has criticised HRD ministry’s proposed amendments to the Copyright Act and said it was disappointed to note that the ministry has not done any consultations with broadcasters on proposed changes like amendments in ‘Fair Use’ provisions.
The Ministry of Commerce & Industry has issued an Instruction No. 41 – F.No.C.6/9/2009-SEZ- Dated November, 2009 to all Development Commissioners clarifying that Net Foreign Exchange Earning (NFE) for SEZ units is to be calculated in rupee terms only.In case a unit claims that the NFE is negative due to foreign exchange fluctuations, the Approval Committee may consider the same, on case to case basis, provided the NFE computations are certified by the Authorised Banker of the unit.
The Department of Industrial Policy and Promotion (DIPP) under the ministry of commerce and industry has disagreed with the Union finance ministry’s view that there is need to regulate investment in sectors with foreign investment caps in respect of those companies which despite being technically “owned and controlled by Indians” as defined in Press Note 2, still leave scope for indirect foreign control.
I am directed to say that references have been received in this department seeking clarification on the currency in which NFE is to be calculated. The matter has been examined in this department and it is clarified that NFE is to be calculated in rupee terms only.
In exercise of the powers conferred by clauses (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi) and (zj) of sub-section (2) of Section 55 of the Special Economic Zones Act, 2005 (28 of 2005) read with Section 31, the Central Government hereby makes the following rules, namely :—
The Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly introduced form of business Limited Liability Partnership. As per the Budget 2009-10 a limited liability partnership (LLP) will be taxed on the same lines as partnership firms — this would mean taxation of profit in the hands of the entity; the partners will be exempted.
Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. www.llp.gov.in. This website may also be accessed through the website of the ministry www.mca.gov.in. On the home page of the URL www.llp.gov.in click “Register” tab on top right hand corner of the page.
Medico-legal reports cannot be refused under the RTI Act, the CIC has held saying unlike normal medical cases, they are not prepared at the instance of the patient but are legal requirement.“Medico legal cases (MLCs) are indeed legal requirements in criminal cases and not prepared at the instance of the patient but to record injuries inflicted on a person, to be used by courts in criminal proceedings and hence are not held in fiduciary relation with the patient and that refusal of information under Section 8(1)(e) is unsustainable,” Information Commissioner Annapurna Dixit said.
